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Article: Making widgets, creating wealth or leaving a legacy: what is the purpose of the family business?(managing your business)
- Article from:
- Accountancy Ireland
- Article date:
- April 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 Institute of Chartered Accountants in Ireland. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Taking an insider's perspective Jason Sheehy and Alan Flynn examine the crucial issue of family business purpose and how it intertwines with the relationships between the family and the business, conflicts and friction and succession and wealth management.
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Ask 10 customers what is the 'X factor' that makes a family business different from other businesses and you will probably get 10 different answers. From a family business insider perspective the differences are complex and go right to the core of both the family and the business.
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Purpose of a family business
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